The latest USDA report is bearish, with new-crop U.S. soybean planted area revised up by 665,000 acres from the March estimate to 85.365 million acres. Meanwhile, U.S. quarterly stocks rose 5% year-on-year, exceeding market expectations, putting near-term pressure on prices. However, the market had largely priced in the bearish sentiment, so the impact on prices was limited after the bearish news was fully absorbed. In addition, accelerated position rolling by market participants has helped strengthen support at the bottom for soybean oil.Yesterday, national soybean oil trading volume reached 20,800 tonnes. Near-month basis offers for JuneJuly remained relatively stable with a sideways bias. Current crusher operating rates remain high, and the basis is expected to continue range-bound trading in the near term.